When I hear someone say ‘I can’t’ I instantly think of my father and growing up. Whenever I told my dad ‘I can’t’ he would tell me there is no such word in the dictionary. To prove his point he would give me a dictionary and ask to me find ‘can’t’. If you check an old dictionary you will see he was correct. There was no such word in the dictionary. He would then say to me ‘either you don’t want to do it or you don’t know how to. Which is it?’
Initially, I would say ‘I didn’t want to do it’. That didn’t work. I was told to go and do the task. Later, I tried ‘I don’t know how to do it’. Then, he would help me and we’d do the task together. There was just no way of getting out of it.
Now, as I look back, I think what fantastic training I was receiving. I was constantly being taught the ‘Can Do’ attitude.
My life as an investor has been about using ‘Can Do’ when everyone around says ‘You Can’t’.
When I started investing in property there was no such thing as a buy-to-let mortgage. The bank would only lend to someone who was working. I was self-employed. So, I got a job and qualified for a mortgage. My husband did the same, got a job and qualified for his mortgage. We now had 2 rental properties.
The next hurdle was we could only have 5 properties. We enquired whether we could do separate applications to get around this policy. The bank agreed and my husband got 5 properties in his name and I got 5 properties in my name.
When buy-to-let mortgages became easily available our property portfolios grew quickly. But we weren’t over all the hurdles yet. My husband was no longer working as he was concentrating full time on the property portfolio. I kept working so we could prove another source of income which was still required for a buy-to-let mortgage. However, I was made redundant and the company went into administration. After some discussion with the directors and administrators I put up the money to buy the company out of administration. The old directors were reappointed in the new company. I was given back my old job. Now I was employed again I merrily continued buying rental properties for another two years before the company went into administration again. This time the market had changed and I was able to continue buying rental properties without the need for a job.
When I talk about investing in property I frequently hear ‘you can’t do that’ and I remember the words my dad would say. ‘There’s no such word as can’t’. What I’m hearing is someone who is really saying I don’t know how to invest in property or I simply don’t want to invest in property.
If you are someone who wants to become an investor remember, there is always a way, you just have to find it.